Funny how the good old BBC needs Which? to prod them into action on the lack of transparency over bank charges! I guess that is how the Old Establishment works. This is not a new problem but a 10 year game.
The banks are about to get a hiding on this from the CMA, but doubtless will be given a year to sort it out!
The consumer group Which? has said the competition regulator should "name and shame" banks that provide the worst current accounts. It is calling for a complete overhaul of current accounts to protect customers from high charges. Meanwhile, Tesco Bank is proposing a "traffic light" system of red, orange and green labels to warn people how much their accounts are costing. The advice comes before a review of banking by the industry's regulator. Next month the Competition and Markets Authority (CMA) is due to publish the provisional findings from its investigation into current accounts and banking services to smaller businesses. Both Which? and Tesco Bank are calling for greater transparency in bank charges for services such as overdrafts. 'Lost the trust' Which? showed people different accounts and only a small minority were able to identify the cheapest overdraft.